Tinubu says powerful cabals want him dead over subsidy removal, forex reforms

Precious Omolu 16:12 - 21 May 2026

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President Bola Tinubu has claimed that powerful interests affected by his economic reforms now “wish him dead.”

President Bola Tinubu says individuals benefiting from fuel subsidy and multiple exchange rates are trying to destabilise Nigeria after his economic reforms.

President Bola Tinubu said some powerful interests are unhappy with his removal of fuel subsidy and multiple exchange rates.
Tinubu, through Olusegun Osoba, claimed some “cabals” want him gone because of the economic reforms.
The President said his administration remains focused on fixing Nigeria’s economy and improving security despite the pressure.

President Bola Tinubu has said powerful interests unhappy with his economic reforms are deliberately trying to destabilise Nigeria, especially after the removal of fuel subsidy and the unification of the foreign exchange market.

Tinubu’s message was delivered on Wednesday in Lagos by former Ogun State governor, Olusegun Osoba, during the launch of the book, “The NADECO Story,” written by Ayo Opadokun.

Former Ogun State governor, Olusegun Osoba

The event was organised by the National Democratic Coalition (NADECO), the pro-democracy movement that played a major role in the struggle against military rule between 1994 and 1998.

Speaking on behalf of the President, Osoba said Tinubu acknowledged that some individuals affected by his economic policies were unhappy and wanted his administration to fail.

“As for security, he says, I should let you know, that he is aware that there is a deliberate attempt to disrupt the peace of this country by people whom he knew he had offended by canceling multiple exchange rates and by canceling oil subsidies,” Osoba said.

“Those cabals who are doing round-tripping will wish him dead any time, but he is determined that if that is the only thing he would do, he would make sure he rearranges the economy. No matter what, he is determined to face it. So that’s the message from Mr. President.”

Since assuming office in May 2023, Tinubu’s administration has implemented major economic reforms, including the removal of petrol subsidy and the floating of the naira, policies the government says are necessary to stabilise Nigeria’s economy and attract investment.

The reforms, however, have also contributed to rising inflation, higher transportation costs and increased hardship for many Nigerians.

Speaking further at the event, Osoba said the President remained focused on fixing the economy and improving national security, describing them as his administration’s top priorities.

“He says he is ever grateful for what all of you have done to bring this country to where we are today, and he has also asked me that, by the grace of God, many of the things that you people have been asking him to do, that when he gets his second term, he is going to start implementing some of the political issues,” Osoba stated.

“He said the major issue before him now is the economy and security.”

While the President acknowledges the hardship caused by removing subsidies and floating the Naira, he remains adamant that he will not allow "round-tripping cabals" to collapse the economy.

Osoba also claimed Tinubu pointed to recent improvements in the foreign exchange market as evidence that the reforms were beginning to produce results.

“You all can see now that the security situation is now moving gradually into the South-West zone. So he says the first major thing he is facing now is the economy, and you all can see that the difference between the parallel market and official market exchange rate is virtually zero now. The Naira, which they thought would be ₦2,000 to 1 dollar, is now 1,380 or thereabouts,” he said.

“In fact, he says he is not going to allow the Naira to get too strong. He does not want to create confusion for those who have bought money at about ₦1,500 and other goods.”

According to Osoba, Tinubu also credited NADECO members for helping to shape Nigeria’s democracy and said he would not have become President without their support and sacrifices during the pro-democracy struggle.

“The President asked me to tell you that he is fully with you, and he still has his tremendous respect that he would not have been where he is today if not for all of you here who have fought to entrench democracy,” Osoba added.

Tinubu also reportedly promised to perform better if re-elected for a second term.

The event attracted several prominent Nigerians, including Nobel Laureate Wole Soyinka, Rasheed Ladoja, Olisa Agbakoba, veteran actress Joke Silva, former Information Minister Labaran Maku, and rights activist Joe Okei-Odumakin, among others.